Why make a Will?

Writing a Will is one of the most important asset planning measures you can take to protect your property, finances and personal possessions when you’re gone, and to ensure they pass to the beneficiaries you wish to choose. Yet so many people don’t have a Will or put off updating their Wills, which can cause a number of problems for their families when they pass away.

Some of the benefits of writing a Will include:

• Being able to appoint designated people (Executors) to administrate your assets and property once you have passed
• Being able to give specific gifts such as a cash gift to grandchildren or a gift of jewellery to a family member
• Being able to nominate guardians to look after your children should both you and your partner have passed away
• Being able to direct where your residuary estate is to pass, whether to a spouse, children or others
• Being able to protect your family home by including a life interest trust to allow your partner to continue to live in it after your death, but ultimately to pass your property to your children or other beneficiaries
• Being able to specify your funeral wishes so your family isn’t left guessing when you pass on

How much do they cost?

Manak Solicitors keep the price of making a Will as low as possible to enable as many people as possible to put their affairs in order.

From July 1st 2019:

• Single Will – £250 plus VAT
• Mirror Wills For A Couple – £400 plus VAT
• Asset protection Will per person (£1080 for both) – £450 plus VAT
•  Declaration of Trust – £450 plus VAT

How long does it take?

Our Solicitors can send out draft Wills within one week of meeting you. Once they have been approved by you, we endeavour to fit you in for a meeting to sign the Will within a week as any delay can be detrimental. With us, the whole process can take less than two weeks.

What is a Lasting Power of Attorney?

A Lasting Power of Attorney (LPA) is a legal document that you (the ‘Donor’) make which allows you to choose people that you trust (the ‘Attorneys’) to make decisions for you. These are choices about your finances and property, or your health and welfare, made on your behalf at a time in the future when you are unable to make those decisions yourself.

There are two different types. The first is the Lasting Power of Attorney for Property and Finances and it has the following benefits:

• Being able to choose the designated people (Attorneys) you want to act on your behalf to manage properties, bank accounts and other assets should you be unable to do so yourself, either through ill health, a lack of mental capacity or being out of the country for long periods of time.
• Being able to specify instructions as to how your assets should be managed or used in the event of the power being used.
• Knowing that the document has been registered with the Office of the Public Guardian (part of the Court of Protection) as a safeguard against misuse.

There are two different types. The first is the Lasting Power of Attorney for Property and Finances and it has the following benefits:

• Being able to choose the Attorneys you want to look after your personal care, health decisions and general welfare in advance for when you no longer have the capacity to make those decisions yourself. These decisions can include where you are to live and what medical treatment you are to receive if needed.
• Knowing that, should you need major medical treatment or even at the end of your life, your Attorneys can speak on your behalf to make your views known to the medical professionals caring for you.

If you do not have Lasting Powers of Attorney in place and you lose capacity in the future, then one of your family members or friends may end up having to make a deputyship application to the Court of Protection for permission to look after you, which costs on average in excess of £2000.

How much do they cost?

• One Lasting Power of Attorney (i.e. just Property or Health) = £500 plus VAT
• Two Lasting Powers of Attorney (i.e. both Property and Health) = £750 plus VAT
• Additional Office of the Public Guardian registration fee = £82 per document

What if I already have an Enduring Power of Attorney?

You may wish to consider revoking the Enduring Power of Attorney and replacing it with both types of Lasting Power of Attorney as they provide much better protection against fraud, and they do not provide Health and Welfare making powers.

How long does it take?

Our Solicitors are able to take instructions for Lasting Powers of Attorney very quickly and are able to send out draft documents within one week of meeting you.

Once they have been approved and signed by you and your attorneys, we send them off for registration at the Office of the Public Guardian. Currently, the Office is taking between eight and ten weeks to register Lasting Powers of Attorney.

In addition, Manak Solicitors also offers the following asset protection services:

• Preparing and registering Lasting Powers of Attorney
• Registration of Enduring Powers of Attorney
• Deputyship and Court of Protection Applications (including Statutory Wills)
• Advice on Inheritance Tax issues and tax planning
• Advice on Trusts
• Preparation of Deeds of Trust over property

Most of our wills services are offered to clients for a fixed fee so you know the costs upfront. Should you require any further information about our costs or services, please call our Orpington office on 01689 870769 or our Gravesend office on 01474 324529.